German Exchange Bank - New York, NY

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: September 22, 1873
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 7f590ad2

Response Measures

Accommodated withdrawals

Description

Article (New-York Tribune, 1873-09-22) explicitly reports a run on the German Exchange Bank's receiving teller that day but describes normal operations elsewhere and no suspension or closure. Context is the general financial crisis of September 1873, so I classify cause as macro_news rather than a false rumor or bank-specific failure.

Events (1)

1. September 22, 1873 Run

Cause: Macro News
Cause Details: Heavy withdrawals occurred in the context of the broader financial crisis/panic in September 1873; described alongside other banks' tensions rather than bank-specific fraud or a discrete rumor.
Newspaper Excerpt: there had been a run on the bank that day, but on the receiving letters department.
Source: newspapers

Newspaper Articles (1)

1. September 22, 1873 New-York Tribune New York, NY

Article from New-York Tribune, September 22, 1873

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Article Text

were coming in as usual; drafts had been drawn, but in neither case to such an extent 88 to excite comment. At the Bowery National Bank, at No. 62 Bowery, matters stood as on the day previous. President H.P. DeGraaf stated that no dealings were allowed in railroad stocks. and only in the best of mercantile paper. There was a surplus of $250,000 over their capital of $250,000, and they could on a moment's notice pay 82 for every $1 on deposit. He believed that the crisis had passed-that the action of the bank presidents in proposing to aid one another would relieve all from any further embarrasements. Washington A. Hall, President of the Oriental Bank, at Grand-st. and the Bowery, stated that with them it was an unusually busy Saturday, and the long line of depositors awaiting their turn at the windows of the Receiving Teller was good indication that there was DO want of confidence in that institution. H. T. Chapman reported a surplus of $342,760 over the capital of $300,000. Wm. P. Buckmaster, President of the Oriental Savings Bank, at No. 430 Grand-st., stated that with them every. thing was running as usual. Most of their investments were in desirable Government securities, and they were able at any time to meet all demands against the bank. At the National Butchers' and Drovers' Bank, at No. 124 Bowery, all were busy with their usual business. President Perrin said there was little change from that of the previous Saturday. Deposits were coming in as usual, and good paper was discounted to the customary extent. He too believed that the action of the Bank Presidents would have a most salutary effect. Everything was quiet at the Germania State Bank, at No. 185 Bowery. President Schwarzwaelder stated that their funds were securely invested and easily convertible into ready money. Business that day corresponded with that of the previous Saturday. The extended THE upon down-town banks could not extend to them under ordinary circumstances. A similar state of affairs was reported at the New-Amsterdam Savings Bank, at No. 215 Bowery, by the Scoretary, Martin Nachtmann. J. W. Hease, cashier of the German Exchange Bank, at No. 245 Bowery, was somewhat surprised at a second visit, and startled the reporter with the remark that " there had been a run on the bank that day, but on the receiving letters department." Business had been unusually large; many new accounts had been opened and the receipts had been very heavy. Considerable money had been withdrawn, but the receipts had been largely in excess. A visit at the Bowery Savings Bank, at No. 130 Bow. ery, elicited nothing new. Large numbers were in attendance through the day, awaiting their turn to make deposits. President Brown, in answer to a question, casually remarked that the withdrawal of a few millions in deposits would in nowise inconvenience that institution, as the amount in bank was too large to handle properly. Visits to the many other East Side banks failed to show anything but the regular routine of a Saturday. At the New-York Savings, the Merchants' and Traders'. and People's Savings, the Mechanics' and Traders', the Metropolitan and Third Avenue Savings, the Fifth National, Murray Hill, Bull's Head, Manufacturers' and Traders', Eleventh Ward, Teutonia, and other banks, nothing of interest was gained. Their respective officera universally reported the usual business. and no anticipations of any trouble so far as they were concerned. They were prepared for any emergency.